Inventories consisted of the following:


	As of
	June 30, 2026		December 31, 2025
	(In millions)
New vehicles	$	1,510.7	$	1,582.6
Used vehicles	447.6		399.9
Parts and accessories	150.3		153.3
Total inventories, net (a)	$	2,108.6	$	2,135.8

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(a) Inventories, net as of June 30, 2026, and December 31, 2025, excluded $28.5 million and $96.5 million classified as assets held for sale, respectively.

The lower of cost and net realizable value reserves reduced total inventory cost by $8.6 million and $9.0 million, respectively, as of June 30, 2026 and December 31, 2025. As of June 30, 2026, and December 31, 2025, certain automobile manufacturer incentives reduced new vehicle inventory cost by $14.2 million and $16.2 million, respectively, and reduced new vehicle cost of sales for the three months ended June 30, 2026 and 2025, by $30.5 million and $32.3 million, respectively. For the six months ended June 30, 2026 and 2025, new vehicle cost of sales was reduced by manufacturer incentives of $57.8 million and $61.4 million, respectively.